This paper discusses changes made, on 8 January 2018, to the U.K. Takeover Code (the “Code”) which: (i) for the first time, expand the application of the Code to certain “asset” transactions taking place in “offer situations,” (ii) require greater disclosure by bidders of their future intentions with regard to the target and its operations, and (iii) unless the target agrees otherwise, require a bidder to delay by 14 days the posting of its offer document following the announcement of its firm intention to make an offer.

Most large companies continue to make M&A a key part of their growth strategy for entering new markets, expanding both the scale and scope of products and services, and acquiring new capabilities; and as a way to bring in new talent.